Tarsus performance boosted by successful Dubai Airshow

Friday, Nov 18 2011 by
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Tarsus performance boosted by successful Dubai Airshow

Business-to-business media group Tarsus (LON:TRS) is on course to meet its financial targets this year as revenue growth from its operations in emerging markets continues to build. In an update timed to coincide with the company’s flagship event, the Dubai Airshow, Tarsus said 2011 had “the hallmarks of being a record year”. The all-important headline orders from this year’s Dubai Airshow totalled US$63.3 billion for aircraft, maintenance services and flight training programmes – up from US$14 billion of orders announced at the previous show in 2009.

Tarsus said that overall trading and forward bookings for the year to 31 December 2011 remained “very positive”, with forward bookings now standing at 96% of anticipated full year revenues compared to 93% at the same time in 2010 (as adjusted for biennial events). As a result of the timing of exhibitions, the fourth quarter of 2011 is highly cash generative for Tarsus and the company said it was on track for year end net debt to be in line with management expectations. Shares in Tarsus have risen from 126.5p to 136p since the beginning of November.

In its emerging market businesses, the biennial Dubai Airshow attracted a record number of trade visitors and 960 exhibitors from 50 countries attended. The five day show is one of the world’s largest and fastest growing Airshows and the 2013 exhibition will move to a larger facility at the new Al-Maktoum International Airport in Dubai. Meanwhile, Tarsus said that trading in its Chinese business continued to be very strong and that it was on course for a record Labelexpo Asia at the end of this month. The integration of IFO in Turkey, which was acquired in June 2011, is understood to be progressing well, with sales for IFO’s next exhibition, Sign Istanbul in early December, tracking well ahead of the 2010 edition.

In the US, bookings for the February 2012 Off-Price Show in Las Vegas show are tracking ahead of the February 2011 event, helped by the inclusion of footwear and accessories for retailers. The US-based medical division has also continued to grow strongly, at a double digit rate.

In Europe, the sale of Tarsus’ 51% interest in its French joint venture, ModAmont, to its partner, Premiere Vision, is due to complete in December. The €6.1 million cash deal will reduce the company’s exposure to a…

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Tarsus Group plc is an integrated media group primarily engaged in exhibitions, along with associated conferences, publishing, education and Internet activities. The principal activity of the Company is the holding of investments. The Company operates through three segments: EMEA, Americas, and Asia. The main activities of all segments are the production of exhibitions supported by other media activities related to those exhibitions. Its key brands include the Dubai Airshow, Labelexpo, OFFPRICE, Zuchex, AAITF and Tarsus Medical. more »

LSE Price
424p
Change
 
Mkt Cap (£m)
522.1
P/E (fwd)
17.8
Yield (fwd)
2.9



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